Can we make 2017 the year of the switchers?

G

gnf_ireland

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I wonder what it would take to make 2017 "the year of the switchers"?

Is the best way to do this via a social media campaign to get each person who signs up to apply to 2 different banks to see if they can get a mortgage approval and a better deal, and then get two of their friends to do the same..

If everyone could post their good and bad stories on the Facebook page, it might be able to encourage others to switch ......

If 80% can benefit, like is suggested, then there should be a lot of positive results from it. If the actual evidence is lower than this, then maybe we can use this to our advantage some way

Any thoughts? Am I daft ?
 
The [Banking and Payments Federation] figures show that the fastest growing segment on an annualised basis was switching, as property owners look to move lender to save money in an increasingly competitive market. However, while volumes more than doubled between January 2016 and October 2017, the overall numbers remain low, with just 321 people switching in October of this year. Moreover, the numbers are actually down on an annual basis; down by 8.7 per cent in value and by 7.8 per cent in volume terms.

https://www.irishtimes.com/business...pproved-every-day-for-215k-mortgage-1.3308122
 
BPFI stats for mortgage approvals for July published earlier.

Switchers are making up an increasing share:

https://www.rte.ie/amp/991515/
"Of the 4,222 approvals during the month with a value of €931m, 1,957 (46.4%) were for FTBs, with 1,249 (29.6%) people switching."
 
Brendan Burgess said:
Well done!
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Ah now @Brendan Burgess I am not sure that should be directed at me.

I managed to get about 10 people to switch in 2017, and that was a massive effort overall. I was very surprised at how slow people were to actual motivate themselves to do it. One guy actually saved his entire summer holiday cost in 2018 from what he saved in the 12 months [from SVR on a pretty hefty mortgage]

In the end, it was competition and lower rates from the banks that motivated people to switch !!! Those who manage their finances will win, those who don't lose out !
 
its business smart mortgage brokers should be hustling for, its easy work even though most people are reluctant to do it, a broker could take a % of the saving maybe?
 
Blackrock1 said:
its business smart mortgage brokers should be hustling for, its easy work even though most people are reluctant to do it, a broker could take a % of the saving maybe?
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Unless brokers have access to lower rates, your better doing it yourself commission free!
 
Even with a broker the customer still has most of the work to do - collect documentation, engage solicitor. How does a broker earn there money? If its just advising on which bank to go to then imo AAM is your broker. I just recently switched from PTSB to BOI Fixed Rate w/2% Cashback..took a few months but very much worth it. Smaller term, lower monthly rates thanks to a 1.3% reduction and of course the CB.
 
random2011 said:
Even with a broker the customer still has most of the work to do - collect documentation, engage solicitor. How does a broker earn there money? If its just advising on which bank to go to then imo AAM is your broker. I just recently switched from PTSB to BOI Fixed Rate w/2% Cashback..took a few months but very much worth it. Smaller term, lower monthly rates thanks to a 1.3% reduction and of course the CB.
Click to expand...

id make the same argument against using a broker for an initial mortgage application, for most people they dont add any value but people still engage them

ive switched 3 times myself i dont know why people are reluctant to do it, but they are.
 
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